The No. 1 reason to refi is to get a lower mortgage rate. Despite sinking rates, a lot of people haven't refinanced.

The No. 2 reason is homeowners are are ditching adjustable-rate mortgages and refinancing into fixed-rate loans.

The No. 3 reason is for homeowners to access the equity in their homes to pay off any high interest rate credit cards or any other outstanding debts.  The cash-out refi craze ended when the housing bust began. But we're still in the business of cashing out people to pay off their debts, to help save them money in order to affordably keep their home.

The No. 4 reason homeowners are refinancing their homes is to consolidate a 1st and 2nd mortgage.  Some homeowners want to combine their first mortgage with the home equity line of credit.  "I'm seeing a lot of people, even if their rates on their home equity line of credit is 3 percent, refinancing to get rid of them.  Why get rid of a loan with such a low rate?  Because they're worried if five years from now, what if that rate jumps up to 12 (percent), 11 (percent), 13 percent?

The No. 5 and most unfortunate reason would be to address family matters such as divorces and what not.  Divorces often lead to refis as a means of removing the absent former spouse from the note.

The No. 6 reason homeowners refinance is to cash-out and buy an investment property or second home.  Refinancing to buy property can bring up unexpected tax and mortgage underwriting issues. A lot depends upon how the refinanced house and the new property will be used.